Screen Shot 2016-12-14 at 11.03.09 PM.png

# Screen Shot 2016-12-14 at 11.03.09 PM.png - 1 tou go to the...

• 1

This preview shows page 1. Sign up to view the full content.

This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1] t’ou go to the casino and play roulette. You decide to place bets that the ball will land on the number 13. [in a roulette wheel there are the number lmﬂﬁ, {i and 'DB'. Thus the likelihood that you win any one spin is 1 in BB. ‘Fou decide to play 1!} times, thus you are in Binomial Land and the potential results of your gambling will be drawn from a binomial distribution B[:1[1|,1,aI 33]. What is the probability that you win: [a] 1 time? [lnpts) [b] 2 times? [1mpts] 2] If you win, placing one to the bets above, the casino will pay you \$36 for every \$1 you wager. You decided to wager \$1 on each often spins above. [a] How many of the ten spins do you need to win in order to leave with more \$ than you started with? [En-p13] 3] Instead of placing bets on a single number, you decide to place bets that the ball will land on a 'red number’. [in a roulette wheel there are 18 red number, 13 black numbers and the two green numb ers:ﬂ', and’ﬂ'il’. [a] What is the rprobability of success: p for any single spin'? [lupts] [b] What is the probability that if you play 6 spins, you win exactly 3 of them? [in-pt} 4] If you are in IrBinomial Land’ and 'n’ is relatively large, the Binomial Distribution will look a lot like the [a] distribution. [\$th 5] If you have a Binomial distribution B[n,p], then the distribution in 'a' will have [a] mean mu = [1-pts] [b] and standard deviation sigma = . [l—r-pis] ...
View Full Document

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern